About us



About the Fund

The Municipal Guarantee Fund for Small and Medium Enterprises (MGFSME) is established by decision of the Sofia Municipal Council (SMC) on 17th of June 2002. MGFSME is a specialized body of SMC and manages 10% of the proceeds from the privatization of the municipal interest in the capital of commercial companies, of separated parts of the property of solely-owned commercial companies with municipal interest in their capital, as well as of the separated parts of the property of commercial companies with over 50 percent of municipal interest in their capital.

The Municipal Guarantee Fund undertakes guarantees on loans extended to SMEs which have their seat or develop their activity in the territory of Sofia Municipality. The Fund guarantees up to 50% of  the loan of the small companies and for the amount up to 100 thousand BGN. Heretofore MGFSME supported more than 400 companies and thus contributed for loans of about 60 mln. BGN. In most cases financial institutions and not companies apply to MGFSME and thus the benefit is bilateral –companies get profitable lending and banks increase their clientele.

Fund’s objective is to implement the policy of Sofia Municipality for supporting the small and medium business in it’s territory by guaranteeing a part of credit risk on loans, extended by financial institutions to small and medium enterprises, registered or developing their activity in the territory of Sofia Municipality.

MGFSME achieves its objectives by concluding agreements with commercial banks and other financial institutions that realize special programs for SME lending. 

Providing with guarantees of MGFSME on loans extended to SMEs is done in two ways: 

  • After a preliminary examination of the financial status of the company MGFSME directs it to bank-partners with an approval letter in which the Fund notifies the banks that the company covers the formal conditions for providing a MGFSME guarantee on the bank’s loan;
  • Bank-partners address to the Fund a proposal for guarantee support together with the documents concerning the approved loan. 



The Council for Management of the Municipal Guarantee Fund for Small and Medium Enterprises with Sofia Municipality /CMMGF/


Chairwoman of CMMGF

Irina Ivanova Yordanova-Koleva

 Born on 12.07.1961. She achieved her higher education in The Sofia University St. Kliment Ohridski, subject Journalism. She specialized in universities in Manchester, Maryland, Harvard, The George Marshall Center and The Adam Smith Institute. She is Chairwoman of the Standing Committee on European Affairs and Relations with Civil Society as well as a member of the Standing Committee on Finance and Budget at SMC.




Members of CMMGF



Andrey Mirchev Ivanov

Born on 24.10.1953.  Achieved his higher education at “VMEI” specializing in “Automation and telemechanics”. He is member of the Standing Committees on Finance and Budgeting and of the Standing Committee on Economic Policy and Municipal Property.







Anton Gospodinov Koychev






Vladimir Dimitrov Danev







Svetoslav Vitkov Emilov






Manager of MGFSME

Dr. Kiril Grigorov

Higher economic education. Doctor of Economics on the topic of small and medium enterprises. Expert on risk management and project financing, incl. with participation of international financial institutions.
Short-term specializations in banking and finance in London, Washington, Luxembourg ect. Kiril Grigorov has extensive experience in banking and he has held senior management positions in a number of banks, incl. as Executive Director of Municipal Bank Plc, Bulgarian Development Bank and Investbank Bulgaria AD.